Not that long ago $400 was considered by some to be too high a price to pay for Apple (AAPL) stock. Today that seems like a bargain. This afternoon Apple closed above $700 for the first time - $701.91 to be exact.

The company's stock has been on an upward march since rumors of a new iPhone 5 started.

Now the iPhone 5 is here, there were more than two million pre-orders in the first 24 hours, and the stock price has hit another milestone.

Overall, the U.S. stock markets were essentially flat otherwise. The Dow ended the day slightly higher while the S&P and NASDAQ were slightly lower.

Here's a quick look at how Apple stock has performed since 1983. The first iPod was released in 2001.

(Image credit: ABC News)